Shares of Netflix looked like a "buy" ahead of quarterly earnings, StockMonster's Guy Adami said Friday.

"I'm going to take a shot and say, 'You know what? You continue to buy this stock. Play it from the long side.' I know it's defied logic for a while," he said. "I know the valuation is ridiculous, but the stock is trying to tell you something. Obviously, it didn't do much today, but I still think the upside is still there for Netflix."

Netflix — still the top-performing S&P 500 stock in 2013 — closed at $264.58 per share, down 1.83 percent.

The company will report quarterly earnings after the market close on Monday.

"I don't really understand this valuation. It's not a place where I feel like I'd feel I have to buy this stock," he said. "I would not be shorting this stock. I'd be a holder."

Brian Kelly of Brian Kelly Capital said that he was warming up to Netflix.

"This is a name that I haven't understood because I'm not a Netflix user," he added. "I'm starting to actually get it, and it's at highs we haven't seen in two, three years, so that's probably the top."

Kelly said that while he wasn't a buyer yet, he would consider a value price.

Trader disclosure: On July 19, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TGT; Josh Brown is long GOOG; Tim Seymour is long BAC; Tim Seymour is long INTC; Tim Seymour is long WLT; Tim Seymour is long BAS; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long Yen; Brian Kelly is short US dollar; Brian Kelly is short Nikkei 225.